SPAC Stratim Cloud Acquisition, led by SonicWALL founder Sreekanth Ravi, files for a $250 million IPO

Stratim Cloud Acquisition, a blank check company led by the founder of SonicWALL targeting software, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The San Francisco, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Stratim Cloud Acquisition would command a market value of $313 million.

The company is led by CEO and Chairman Sreekanth Ravi, a private investor in technology and the founder of several tech companies, including SonicWALL, and CFO, CSO, and Director Zachary Abrams, the founder and Managing Partner of late stage venture firm Stratim Capital. The company plans to target the technology industry, specifically focusing on cloud infrastructure software, SaaS consumer and enterprise applications, and security software.

Stratim Cloud Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SCAQ.U. The company filed confidentially on August 25, 2020. BofA Securities and Cowen are the joint bookrunners on the deal.